Mississippians with disabilities now have a way to save money without fear of losing their public benefits. Administered by the Mississippi Department of Rehabilitation Services, the Mississippi ABLE Program offers individuals with disabilities the opportunity to “Achieve a Better Life Experience.” ABLE accounts are savings accounts for qualified individuals with disabilities. Money put into the account is not counted against any public benefits and may provide tax advantages.
The Mississippi ABLE Program is established in state law (Miss. Code Ann. § 43-28-1 et. seq.) following the passage of Senate Bill 2311 (the Mississippi ABLE Act) in the 2017 Legislative Session. To qualify for the ABLE program, an individual must have acquired their disability before reaching the age of 26. Contributions can be made to the account by anyone and may qualify for a state income tax deduction. Income earned in the accounts is not taxed if spent on qualified disability-related expenses. The accounts can be used for daily transactions or long-term savings.
Mississippi residents interested in learning more about the Mississippi ABLE Program can find additional resources and sign up online at www.mississippiable.com or by calling 1-888-609-3469. An FAQ is also available online at https://www.mdrs.ms.gov/Documents/Able%20Facts__.pdf.